股票错误定价与公司并购:研究述评

Stock Mispricing and M&A:A Literature Review

中文关键词:  股票市场  错误定价  并购动机  支付方式  并购溢价  财富效应

英文关键词:stock market  mispricing  M&A motivation  method of payment  M&A premium  wealth effect

中文摘要:

      随着行为公司金融理论不断发展,股票错误定价对公司并购的影响成为学术界和实务界关注的焦点。国内外相关研究主要围绕股票错误定价对公司并购动机、并购支付决策以及并购经济后果三大方面展开,取得了一定的成果。以往研究发现股票错误定价对并购活动的发起与终止具有重要影响,在此基础上发展出股价高估驱动并购和市场迎合驱动两种并购理论来解释公司并购动机。并购支付同样受到股票错误定价的影响,现有研究关于错误定价对并购支付方式选择的影响得到了一致的结论,而在并购溢价合理性的问题上还存在较大的争议。在并购经济后果方面,已有文献从不同视角分析了股票错误定价对并购财富分配的影响,并结合协同效应考察了错误定价与并购绩效之间的关系。鉴于股票错误定价与公司并购研究现状下存在的争议问题与不足之处,未来研究有待进一步深入。

英文摘要:

      With the development of behavioral corporate finance theories, the impact of stock mispricing on M&A has been an important issue among scholars and practitioners. Scholars at home and abroad have studied the relationship between stock mispricing and M&A in terms of three aspects, including motivation, payment decision-making and economic consequences. They have already obtained some research achievements. Previous studies have found that stock mispricing has an important influence on the initiation and termination of M&A, which can be explained by the overvaluation-driven acquisition theory and the catering theory. The payment decisions in M&A are also affected by stock mispricing. Existing research has reached a consistent conclusion on the relationship between stock mispricing and the choice of payment methods in M&A. However, it is still in dispute whether the acquirer pays a reasonable premium for the target. With regard to economic consequences, a number of studies have analyzed how stock mispricing has an effect on the wealth distribution in M&A from different perspectives. Furthermore, several studies have examined the influence of stock mispricing on M&A performances with regard to the synergy. Given the controversial issues and limitations in the current literature, future research should step further on the relationship between stock mispricing and M&A. 